Source Documents and Equation Analysis

What is a business transaction? What are source documents? The GAAPs and IFRS OBJECTIVITY PRINCIPLE (GAAP) IFRS – “Reliability – Neutrality” To be reliable, the information contained with the financial statements must be neutral, that is, free from bias. Additional Practice and Review Read pages 58-59, Questions 1-7, Exercises 1 Updating the analysis sheet and balance sheet Additional Practice and […]

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The Fundamental Accounting Equation and the Balance Sheet

1st Unit Test Friday February 15th – Chapters 1 and 2 Review of assets and liabilities and calculating net worth net worth and owner’s equity A= L + O.E The Balance Sheet The balance sheet is the formal presentation of the Fundamental Accounting Equation What are the key features of the balance sheet? -Assets (liquidity) -Liabilities (maturity) -Owner’s Equity Complete […]

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